Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing and Order Approving and Declaring Effective a Revised Plan for Allocation of Regulatory Responsibilities Between NYSE Arca, Inc. and the National Association of Securities Dealers, Inc., 14628-14629 [E7-5637]
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14628
Federal Register / Vol. 72, No. 59 / Wednesday, March 28, 2007 / Notices
Administration. Therefore, the public
service pension (PSP) provisions apply
to RRA annuities.
RRB Regulations pertaining to the
collection of evidence relating to public
service pensions or worker’s
compensation paid to spouse or
survivor applicants or annuitants are
found in 20 CFR 219.64c.
The RRB utilizes Form G–208, Public
Service Pension Questionnaire, and
Form G–212, Public Service Monitoring
Questionnaire, to obtain information
used to determine whether an annuity
reduction is in order. The RRB proposes
no changes to Form G–208. Non-burden
impacting editorial and formatting
changes are proposed to Form G–212.
Completion of the forms is voluntary.
However, failure to complete the forms
could result in the nonpayment of
benefits. One response is requested of
each respondent. The completion time
for the G–208 is estimated at 16 minutes
and the G–212 is estimated at 15
minutes. The RRB estimates that
approximately 70 Form G–208’s and
1,100 Form G–212’s are completed
annually.
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E7–5632 Filed 3–27–07; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
sroberts on PROD1PC70 with NOTICES
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension:
Form F–6, OMB Control No. 3235–0292,
SEC File No. 270–270.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
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and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for approval.
The Commission under Section 19 of
the Securities Act of 1933 (15 U.S.C. 77a
et seq.) established Form F–6 (17 CFR
239.36) for registration of American
Depositary Receipts (ADRs) of foreign
companies. Form F–6 requires
disclosure of information regarding the
terms of the depository bank, fees
charged, and a description of the ADRs.
No special information regarding the
foreign company is required to be
prepared or disclosed, although the
foreign company must be one which
periodically furnishes information to
the Commission. The information is
needed to ensure that investors in ADRs
have full disclosure of information
concerning the deposit agreement and
the foreign company. Form F–6 takes
approximately 1 hour per response to
prepare and is filed by 150 respondents
annually. We estimate that 25% of the
1 hour per response (.25 hours) is
prepared by the filer for a total annual
reporting burden of 37.5 hours (.25
hours per response × 150 responses).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov.
Dated: March 21, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5592 Filed 3–27–07; 8:45 am]
BILLING CODE 8010–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55505; File No. 4–523]
Program for Allocation of Regulatory
Responsibilities Pursuant to Rule 17d–
2; Notice of Filing and Order
Approving and Declaring Effective a
Revised Plan for Allocation of
Regulatory Responsibilities Between
NYSE Arca, Inc. and the National
Association of Securities Dealers, Inc.
March 22, 2007.
Pursuant to Sections 17(d) 1 and
11A(a)(3)(B) 2 of the Securities Exchange
Act of 1934 (‘‘Act’’), the Securities and
Exchange Commission (‘‘Commission’’)
is hereby providing notice of filing and
issuing an order granting approval and
declaring effective a revised plan for the
allocation of regulatory responsibilities
dated February 9, 2007 (‘‘Revised Plan’’)
that was filed pursuant to Rule 17d–2
under the Act3 by NYSE Arca, Inc.
(‘‘NYSE Arca’’) and the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) (together with the NYSE
Arca, the ‘‘Parties’’). The Revised Plan
replaces and supersedes the agreement
entered into between the Parties on July
25, 2006 (‘‘July 2006 Plan’’)4 in its
entirety. The Revised Plan, which
makes minor changes to the July 2006
Plan, does not fundamentally alter the
allocation of regulatory responsibilities
between the Parties.5 Accordingly, in
addition to the regulatory responsibility
it has under the Act, NASD shall retain
the regulatory responsibilities allocated
to it under the Revised Plan. At the
same time, NYSE Arca continues to be
relieved of those regulatory
responsibilities allocated to NASD
under the Revised Plan.
I. Introduction
Section 19(g)(1) of the Act,6 among
other things, requires every selfregulatory organization (‘‘SRO’’)
registered as either a national securities
exchange or registered securities
association to examine for, and enforce
compliance by, its members and persons
associated with its members with the
Act, the rules and regulations
thereunder, and the SRO’s own rules,
unless the SRO is relieved of this
1 15
U.S.C. 78q(d).
U.S.C. 78k–1(a)(3)(B).
3 17 CFR 240.17d–2.
4 See Securities Exchange Act Release Nos. 54224
(July 27, 2006), 71 FR 43823 (August 2, 2006)
(notice) and 54394 (August 31, 2006), 71 FR 52827
(September 7, 2006) (order).
5 The text of the Revised Plan is available at the
principal offices of NYSE Arca and NASD and at
the Commission’s Public Reference Room.
6 15 U.S.C. 78s(g)(1).
2 15
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Federal Register / Vol. 72, No. 59 / Wednesday, March 28, 2007 / Notices
responsibility pursuant to Section
17(d) 7 or 19(g)(2) 8 of the Act. Section
17(d)(1) of the Act9 was intended, in
part, to eliminate unnecessary multiple
examinations and regulatory
duplication for those broker-dealers that
maintain memberships in more than one
SRO (‘‘common members’’).10 With
respect to a common member, Section
17(d)(1) authorizes the Commission, by
rule or order, to relieve an SRO of the
responsibility to receive regulatory
reports, to examine for and enforce
compliance with applicable statutes,
rules, and regulations, or to perform
other specified regulatory functions.
To implement Section 17(d)(1), the
Commission adopted two rules: Rule
17d–111 and Rule 17d–2 under the
Act.12 Rule 17d–2 permits SROs to
propose joint plans for the allocation of
regulatory responsibilities, other than
financial responsibility rules, with
respect to their common members.
Under paragraph (c) of Rule 17d–2, the
Commission may declare such a plan
effective if, after providing for
appropriate notice and comment, it
determines that the plan is necessary or
appropriate in the public interest and
for the protection of investors, to foster
cooperation and coordination among the
SROs, to remove impediments to, and
foster the development of, a national
market system and a national clearance
and settlement system, and is in
conformity with the factors set forth in
Section 17(d) of the Act. Upon
effectiveness of a plan filed pursuant to
Rule 17d–2, an SRO is relieved of those
regulatory responsibilities for common
members that are allocated by the plan
to another SRO.
The Revised Plan, which makes minor
changes to the July 2006 Plan (and
replaces and supersedes the July 2006
Plan in its entirety), is intended to
reduce regulatory duplication for firms
that are common members of NYSE
Arca and NASD. Except as noted
immediately below, the Revised Plan
retains the same allocation of regulatory
responsibilities among the Parties with
respect to common members as the July
2006 Plan. In particular, the Revised
7 15
U.S.C. 78q(d).
U.S.C. 78s(g)(2).
9 15 U.S.C. 78q(d)(1).
10 See Securities Act Amendments of 1975,
Report of the Senate Committee on Banking,
Housing, and Urban Affairs to Accompany S. 249,
S. Rep. No. 94–75, 94th Cong., 1st Session 32
(1975).
11 17 CFR 240.17d–1. Rule 17d–1 authorizes the
Commission to name a single SRO as the designated
examining authority (‘‘DEA’’) to examine common
members for compliance with the financial
responsibility requirements imposed by the Act, or
by Commission or SRO rules.
12 17 CFR 240.17d–2.
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8 15
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Plan: (1) Eliminates paragraph 11 of the
July 2006 Plan that allocated to NASD
the responsibility to receive and act
upon requests for extension of time
pursuant to Federal Reserve Regulation
T and Rule 15c3–3 under the Act, since
the monitoring of such requirements is
the obligation of a member’s DEA as
provided by Rule 17d–1 under the
Act; 13 (2) changes from ‘‘monthly’’ to
‘‘upon request’’ the obligation of NASD
to share information with NYSE Arca
regarding notice of changes in allied
members, partners, officers, registered
personnel and other persons, and the
opening, address change, and
termination of main and branch offices
and the names of branch office
managers; 14 and (3) makes other
technical and formatting changes, such
as renumbering paragraphs and
reformatting headings.
Included in the Revised Plan is an
attachment (‘‘NYSE Arca Rules
Certification for 17d–2 Agreement with
NASD,’’ referred to herein as the
‘‘Certification’’) that lists every NYSE
Arca rule and federal securities law,
rule and regulation thereunder for
which, under the Revised Plan, NASD
would bear responsibility for
examining, and enforcing compliance
by, common members. No changes to
the Certification are proposed in the
Revised Plan.
II. Discussion
The Commission finds that the
Revised Plan is consistent with the
factors set forth in Section 17(d) of the
Act 15 and Rule 17d–2(c) thereunder 16
in that the Revised Plan is necessary or
appropriate in the public interest and
for the protection of investors, fosters
cooperation and coordination among
SROs, and removes impediments to and
fosters the development of the national
market system. In particular, the
Revised Plan makes minor changes to
the July 2006 Plan and does not
fundamentally alter the allocation of
13 17 CFR 240.17d–1. Further, NYSE Arca
represents that it currently does not serve as the
DEA for any firms that hold or carry customer
accounts, and therefore does not currently perform
any duties pursuant to Regulation T and Rule 15c3–
3 with respect to considering requests for extension
of time. See Telephone conversation between Greg
O’Connor, Director, NYSE Group, Inc., and Richard
Holley III, Special Counsel, Division of Market
Regulation, Commission, on March 16, 2007.
Additionally, Paragraph 2(c) of the July 2006 Plan,
as well as the Revised Plan, provides that NYSE
Arca retains full responsibility for the discharge of
its DEA duties and obligations. Accordingly, NASD
did not undertake any responsibilities pursuant to
paragraph 11 of the July 2006 Plan and the Parties
consider the deletion of paragraph 11 to be a nonmaterial change. See id.
14 See Paragraph 7 of the Revised Plan.
15 15 U.S.C. 78q(d).
16 17 CFR 240.17d 2(c).
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14629
regulatory responsibilities between the
Parties that was contained in the July
2006 Plan. Additionally, no changes to
the Certification are proposed in the
Revised Plan.
As was the case for the July 2006
Plan, the Commission continues to
believe that the Revised Plan could
reduce unnecessary regulatory
duplication by allocating to NASD
certain responsibilities for common
members that would otherwise be
performed by both NYSE Arca and
NASD. Accordingly, the Revised Plan
should promote efficiency by reducing
costs to common members.
Furthermore, because NYSE Arca and
NASD will coordinate their regulatory
functions in accordance with the
Revised Plan, the Revised Plan should
promote investor protection.
The Commission is hereby declaring
effective and approving a plan that,
among other things, allocates regulatory
responsibility to NASD for the oversight
and enforcement of all NYSE Arca rules
that are substantially similar to the rules
of the NASD for common members of
NYSE Arca and NASD.
III. Conclusion
This Order gives effect to the Revised
Plan filed with the Commission in File
No. 4–523. The Parties shall notify all
members affected by the Revised Plan of
their rights and obligations under the
Revised Plan.
It is therefore ordered, pursuant to
Sections 17(d) and 11A(a)(3)(B) of the
Act, that the Revised Plan in File No. 4–
523, between NYSE Arca and NASD,
filed pursuant to Rule 17d–2 under the
Act, is approved and declared effective.
It is therefore ordered that NYSE Arca
is relieved of those responsibilities
allocated to NASD under the Revised
Plan in File No. 4–523.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority. 17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5637 Filed 3–27–07; 8:45 am]
BILLING CODE 8010–01–P
17 17
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CFR 200.30–3(a)(34).
28MRN1
]]>Agencies
[Federal Register Volume 72, Number 59 (Wednesday, March 28, 2007)]
[Notices]
[Pages 14628-14629]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5637]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55505; File No. 4-523]
Program for Allocation of Regulatory Responsibilities Pursuant to
Rule 17d-2; Notice of Filing and Order Approving and Declaring
Effective a Revised Plan for Allocation of Regulatory Responsibilities
Between NYSE Arca, Inc. and the National Association of Securities
Dealers, Inc.
March 22, 2007.
Pursuant to Sections 17(d) \1\ and 11A(a)(3)(B) \2\ of the
Securities Exchange Act of 1934 (``Act''), the Securities and Exchange
Commission (``Commission'') is hereby providing notice of filing and
issuing an order granting approval and declaring effective a revised
plan for the allocation of regulatory responsibilities dated February
9, 2007 (``Revised Plan'') that was filed pursuant to Rule 17d-2 under
the Act\3\ by NYSE Arca, Inc. (``NYSE Arca'') and the National
Association of Securities Dealers, Inc. (``NASD'') (together with the
NYSE Arca, the ``Parties''). The Revised Plan replaces and supersedes
the agreement entered into between the Parties on July 25, 2006 (``July
2006 Plan'')\4\ in its entirety. The Revised Plan, which makes minor
changes to the July 2006 Plan, does not fundamentally alter the
allocation of regulatory responsibilities between the Parties.\5\
Accordingly, in addition to the regulatory responsibility it has under
the Act, NASD shall retain the regulatory responsibilities allocated to
it under the Revised Plan. At the same time, NYSE Arca continues to be
relieved of those regulatory responsibilities allocated to NASD under
the Revised Plan.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78q(d).
\2\ 15 U.S.C. 78k-1(a)(3)(B).
\3\ 17 CFR 240.17d-2.
\4\ See Securities Exchange Act Release Nos. 54224 (July 27,
2006), 71 FR 43823 (August 2, 2006) (notice) and 54394 (August 31,
2006), 71 FR 52827 (September 7, 2006) (order).
\5\ The text of the Revised Plan is available at the principal
offices of NYSE Arca and NASD and at the Commission's Public
Reference Room.
---------------------------------------------------------------------------
I. Introduction
Section 19(g)(1) of the Act,\6\ among other things, requires every
self-regulatory organization (``SRO'') registered as either a national
securities exchange or registered securities association to examine
for, and enforce compliance by, its members and persons associated with
its members with the Act, the rules and regulations thereunder, and the
SRO's own rules, unless the SRO is relieved of this
[[Page 14629]]
responsibility pursuant to Section 17(d) \7\ or 19(g)(2) \8\ of the
Act. Section 17(d)(1) of the Act\9\ was intended, in part, to eliminate
unnecessary multiple examinations and regulatory duplication for those
broker-dealers that maintain memberships in more than one SRO (``common
members'').\10\ With respect to a common member, Section 17(d)(1)
authorizes the Commission, by rule or order, to relieve an SRO of the
responsibility to receive regulatory reports, to examine for and
enforce compliance with applicable statutes, rules, and regulations, or
to perform other specified regulatory functions.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(g)(1).
\7\ 15 U.S.C. 78q(d).
\8\ 15 U.S.C. 78s(g)(2).
\9\ 15 U.S.C. 78q(d)(1).
\10\ See Securities Act Amendments of 1975, Report of the Senate
Committee on Banking, Housing, and Urban Affairs to Accompany S.
249, S. Rep. No. 94-75, 94th Cong., 1st Session 32 (1975).
---------------------------------------------------------------------------
To implement Section 17(d)(1), the Commission adopted two rules:
Rule 17d-1\11\ and Rule 17d-2 under the Act.\12\ Rule 17d-2 permits
SROs to propose joint plans for the allocation of regulatory
responsibilities, other than financial responsibility rules, with
respect to their common members. Under paragraph (c) of Rule 17d-2, the
Commission may declare such a plan effective if, after providing for
appropriate notice and comment, it determines that the plan is
necessary or appropriate in the public interest and for the protection
of investors, to foster cooperation and coordination among the SROs, to
remove impediments to, and foster the development of, a national market
system and a national clearance and settlement system, and is in
conformity with the factors set forth in Section 17(d) of the Act. Upon
effectiveness of a plan filed pursuant to Rule 17d-2, an SRO is
relieved of those regulatory responsibilities for common members that
are allocated by the plan to another SRO.
---------------------------------------------------------------------------
\11\ 17 CFR 240.17d-1. Rule 17d-1 authorizes the Commission to
name a single SRO as the designated examining authority (``DEA'') to
examine common members for compliance with the financial
responsibility requirements imposed by the Act, or by Commission or
SRO rules.
\12\ 17 CFR 240.17d-2.
---------------------------------------------------------------------------
The Revised Plan, which makes minor changes to the July 2006 Plan
(and replaces and supersedes the July 2006 Plan in its entirety), is
intended to reduce regulatory duplication for firms that are common
members of NYSE Arca and NASD. Except as noted immediately below, the
Revised Plan retains the same allocation of regulatory responsibilities
among the Parties with respect to common members as the July 2006 Plan.
In particular, the Revised Plan: (1) Eliminates paragraph 11 of the
July 2006 Plan that allocated to NASD the responsibility to receive and
act upon requests for extension of time pursuant to Federal Reserve
Regulation T and Rule 15c3-3 under the Act, since the monitoring of
such requirements is the obligation of a member's DEA as provided by
Rule 17d-1 under the Act; \13\ (2) changes from ``monthly'' to ``upon
request'' the obligation of NASD to share information with NYSE Arca
regarding notice of changes in allied members, partners, officers,
registered personnel and other persons, and the opening, address
change, and termination of main and branch offices and the names of
branch office managers; \14\ and (3) makes other technical and
formatting changes, such as renumbering paragraphs and reformatting
headings.
---------------------------------------------------------------------------
\13\ 17 CFR 240.17d-1. Further, NYSE Arca represents that it
currently does not serve as the DEA for any firms that hold or carry
customer accounts, and therefore does not currently perform any
duties pursuant to Regulation T and Rule 15c3-3 with respect to
considering requests for extension of time. See Telephone
conversation between Greg O'Connor, Director, NYSE Group, Inc., and
Richard Holley III, Special Counsel, Division of Market Regulation,
Commission, on March 16, 2007. Additionally, Paragraph 2(c) of the
July 2006 Plan, as well as the Revised Plan, provides that NYSE Arca
retains full responsibility for the discharge of its DEA duties and
obligations. Accordingly, NASD did not undertake any
responsibilities pursuant to paragraph 11 of the July 2006 Plan and
the Parties consider the deletion of paragraph 11 to be a non-
material change. See id.
\14\ See Paragraph 7 of the Revised Plan.
---------------------------------------------------------------------------
Included in the Revised Plan is an attachment (``NYSE Arca Rules
Certification for 17d-2 Agreement with NASD,'' referred to herein as
the ``Certification'') that lists every NYSE Arca rule and federal
securities law, rule and regulation thereunder for which, under the
Revised Plan, NASD would bear responsibility for examining, and
enforcing compliance by, common members. No changes to the
Certification are proposed in the Revised Plan.
II. Discussion
The Commission finds that the Revised Plan is consistent with the
factors set forth in Section 17(d) of the Act \15\ and Rule 17d-2(c)
thereunder \16\ in that the Revised Plan is necessary or appropriate in
the public interest and for the protection of investors, fosters
cooperation and coordination among SROs, and removes impediments to and
fosters the development of the national market system. In particular,
the Revised Plan makes minor changes to the July 2006 Plan and does not
fundamentally alter the allocation of regulatory responsibilities
between the Parties that was contained in the July 2006 Plan.
Additionally, no changes to the Certification are proposed in the
Revised Plan.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78q(d).
\16\ 17 CFR 240.17d 2(c).
---------------------------------------------------------------------------
As was the case for the July 2006 Plan, the Commission continues to
believe that the Revised Plan could reduce unnecessary regulatory
duplication by allocating to NASD certain responsibilities for common
members that would otherwise be performed by both NYSE Arca and NASD.
Accordingly, the Revised Plan should promote efficiency by reducing
costs to common members. Furthermore, because NYSE Arca and NASD will
coordinate their regulatory functions in accordance with the Revised
Plan, the Revised Plan should promote investor protection.
The Commission is hereby declaring effective and approving a plan
that, among other things, allocates regulatory responsibility to NASD
for the oversight and enforcement of all NYSE Arca rules that are
substantially similar to the rules of the NASD for common members of
NYSE Arca and NASD.
III. Conclusion
This Order gives effect to the Revised Plan filed with the
Commission in File No. 4-523. The Parties shall notify all members
affected by the Revised Plan of their rights and obligations under the
Revised Plan.
It is therefore ordered, pursuant to Sections 17(d) and
11A(a)(3)(B) of the Act, that the Revised Plan in File No. 4-523,
between NYSE Arca and NASD, filed pursuant to Rule 17d-2 under the Act,
is approved and declared effective.
It is therefore ordered that NYSE Arca is relieved of those
responsibilities allocated to NASD under the Revised Plan in File No.
4-523.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority. \17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(34).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-5637 Filed 3-27-07; 8:45 am]
BILLING CODE 8010-01-P
